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Interest on loan from nbfc

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 May 2016 Dear Experts,

Please guide me on following issue:

Please note interest on Loan booked according to Repayment Schedule by our partnership firm. Our EMI Date is 15 of every month.
Interest from 16th March to 31st March entry how to account for due to Accounting year ending. What is the journal entry if required

Regards,
Jatin
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
23 May 2016 Interest for March for 16 days to be deducted for same provision to be made for extent of Interest for same TDS to be deducted @10%

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